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Watch the most important market indicator: Trader

Watch the most important market indicator: Trader

Investors should be keeping an eye on the stock market's advance/decline line, Josh Brown of Ritholtz Wealth Management said Tuesday.

"You're looking at new all-time record highs in the Russell 2000, in the mid-caps. You're looking at microcaps breaking out," he said. "That is not telling you that the Street is expecting a sell-the-news reaction. And I've got to tell you, if you're an investor, what you should be looking at at new highs is advance/decline more than almost any other indicator, and market breadth right now is absolutely fantastic. This is a broadly participated-in rally."

(Read more: Congress needs 'a violent move' in market: Dick Bove)

With a partial government shutdown in its 15th day and with two days to go until the United States reaches its debt limit, all eyes are on Washington, Brown noted on CNBC's "Fast Money."

"Everyone in the world is thinking about this. Every global government, every corporation, everyone that's got anything to do with the capital markets is concerned about this because of what the U.S. Treasury means to global commerce," he said. "It's literally the most important thing there is. It's the counterpart to everything."

Joe Terranova of Virtus Investment Partners said that he's looking past the dysfunction in D.C.

(Read more: 'The market's impervious to everything': Guy Adami)

"For me the focus, and actually initiating any new positions, is solely on earnings right now," he said.

Terranova said that opportunity remains in the energy sector, particularly in Pioneer Natural Resources.

(Read more: Hedge fund manager gearing up to short stocks again)

"This is where you're going to see the most earnings lift," he said. "And this is where you'll have the ability to ignore what's going on in Washington, D.C., which I suggest you should be doing."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: As of this writing, Joe Terranova did not have a position in PXD.